Mordor HQ has a quote from DICE senior programmer Mikael Kalms saying the next client patch for Battlefield 3 will include an option to turn off color grading in the military shooter sequel (thanks LittleMe). Here's word:

There will be a console command for disabling the color grading entirely in the game included with the next PC game client update. We believe that turning it off gives no major competitive advantage/disadvantage.

IRNV scope and a few others which turn the image into greyscale or greenscale don't work properly without color grading and will look real ugly.

There will be no in-game UI for turning it on/off.

We are unlikely to handle support questions and bug reports regarding stuff that happens when color grading is disabled.